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Kazakhstan Makes $1.5 Million From Crypto Mining Sector in Q1

The government of Kazakhstan has collected $1.5 million from crypto miners in the first quarter of this year, official data shows. The money comes from a fee charged on the electricity spent to mint digital currencies, which was introduced in January.

The fee, which was imposed on Jan. 1, 2022, is calculated at a rate of 1 tenge per kilowatt-hour of electrical energy burned for the extraction of cryptocurrencies. Entities operating mining facilities are expected to pay it no later than the 20th day of the month following the respective quarter.

On one hand, the move is expected to further increase budget receipts, and on the other, limit electricity consumption for the energy-intensive production of digital currencies. The Central Asian nation became a major mining hotspot after China cracked down on the industry in May last year.

Do you expect more mining companies to leave Kazakhstan as the tax burden and regulatory requirements increase? Tell us in the comments section below.

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